BCSC panel releases reasons for declining jurisdiction in Huntingdon's offer for KEYreit
VANCOUVER, March 7, 2013 /CNW/ - A British Columbia Securities Commission panel has released the reasons for its decision on February 28, 2013 not to hear an application by Huntingdon Capital Corp. related to its offer for KEYreit.
On February 18, 2013, Huntingdon applied for an order cease trading a shareholder rights plan the KEYreit board of directors implemented in response to Huntingdon's offer. In its reasons for denying the application, the panel noted that KEYreit's principal jurisdiction for securities regulation is Ontario, and referred to the "sensible and appropriate" practice of Canadian securities regulators to hear shareholder rights plan hearings in the principal jurisdiction of the target company. The panel said the practice should be followed in the absence of good reasons, and that it found no good reason not to follow the practice in this case.
The B.C. Securities Commission is the independent provincial government agency responsible for regulating trading in securities within the province. You may view the decision on our website, www.bcsc.bc.ca, by typing Huntingdon Capital Corp, KEYreit or 2013 BCSECCOM 64 in the search box. Information regarding disciplinary proceedings can be found in the Enforcement section of the BCSC website.
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SOURCE British Columbia Securities Commission